The 34-story luxury residential tower located at 888 South Hope Street in Downtown Los Angeles has been sold for $186 million. The property, known as 888 at Grand Hope Park, consists of 525 units with a price per unit of $354,286. The transaction was finalized on March 5, with FPA Multifamily acquiring the asset from CIM Group. The buyer secured a $105 million loan from Athene Annuity and Life Company to facilitate the purchase.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $186,000,000
• Units: 525
• Price Per Unit: $354,286
• Date: 03/05/2024
• Address: 888 South Hope Street
• Market: Los Angeles
• Buyer: Greg Fowler - FPA Multifamily
• Seller: Shaul Kuba - CIM Group
• Lender: Athene Annuity & Life Company

Greg Fowler of FPA Multifamily served as the buyer in the transaction, acquiring the property from Shaul Kuba of CIM Group. The lender involved in financing the deal was Athene Annuity & Life Company. The successful closing of the sale on March 5 marks a significant transaction in the Los Angeles multifamily real estate market.